The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations (Northern Ireland) 2005

Modification of Articles 158 to 164: segregated schemes

73.—(1) This regulation applies to a segregated scheme.

(2) In the case of a segregated scheme to which this regulation applies –

(a) Articles 158 to 164 (pension protection levies) shall have effect as if each section of the scheme were a separate scheme; and

(b) references in Article 158 to 164 to “an eligible scheme” shall be read as if they were references to a section of the scheme in circumstances where that section, if it were a scheme, would not be –

(i) a money purchase scheme; or

(ii) a scheme which is a prescribed scheme or a scheme of a prescribed description under Article 110(1)(b) (eligible schemes).

(3) For the purposes of this regulation, Article 162 (valuations to determine scheme underfunding) shall be modified so that it shall be read as if in paragraph (1)(a) for “an actuarial valuation of the scheme” there were substituted “an actuarial valuation of the section”.